In 5.5.1 of the CSS1 spec:
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When margin properties are applied to replaced elements (e.g. IMG),
they express the minimal distance from the replaced element to any of
the content of the parent element.
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I believe this should read:
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When margin properties are applied to replaced elements (e.g. IMG) or
floating elements, they express the minimal distance from the replaced
or floating element to any of the content of the parent element.
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Perhaps it should also be made clear that text-indent is relative to
the effective margin. In the case of text wrapping around a
left-floated element, the first line should be indented relative to the
right margin of the element.
David Perrell